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Notes to Accounts of Arcuttipore Tea Company Ltd.

Mar 31, 2014

1. 70,000 (Previous year 70,000) shares out of issued, subscribed and paid up share capital were issued and allotted as fully paid up Bonus shares by capitalisation of Reserves.

2. Secured Loan taken from Tea Board are repaid / adjusted during the year.

3. Interest accured on Secured Loan from Tea Board are repaid / adjusted during the year.

4. Secured loans taken from a bank are against purchase of vehicles and the loan amount are repayable over 3 years.

5. Secured loans taken from a financial company are against purchase of machineries and the same are repayable over 3 years.

6. Secured loans from a financial company include loan Rs.221966/-( Previous year Rs. 285138/-) against purchase of tractor and the same are repayable over 3 and 1/2 years.

7. Unsecured Loan taken from a Body Corporate is interest free and is repayble within remaining 4 years.

8. As there is uncertainty that sufficient future taxable income will be available, deferred tax assets have not been recognised and reviewed during the year. However, the components of deferred assets and liabilities as on 31st March, 2013 are as above.

9. Unsecured- Other Loans includes Rs. 1,71,55,003/-(Previous year Rs.97,49,529/-) as interest bearing loans and the balance amount Rs. 1,44,37,043 ( Previous year Rs. 95,31,243/-) are without bearing interest. Loan amounts are repayable on demand.

10. Details of amounts outstanding to Micro, Small and Medium Enterprise are not readiable available with the company

11. Other payables include statutory dues, Cess , P.F. dues, and unclaimed dividend.

12. The Company has defaulted in payment of P.F. dues with appropriate Authorities in earlier years. The aggregate amount of default amount as on 31.03.2014 as per the records of the Company is Rs.47,33,166/- (previous year Rs.50,77,943/-) which includes Rs. 1,56,954/- (previous year Rs.79,525/-) for the year 2013-14 which has since been paid . The P.F dues amounts are the aggregate of both Employers and Employees contributions and net of P.F. collection and P.F. Advance. The Company has paid during the year the old defaulted amounts as under :-

i) Rs.3,81,807/- (previous year Rs.3,25,000/-) in aggregate have been paid for P.F. dues against P.F. Bakijai case no.02/07-08/PF

ii) Rs.3,38,193/- (previous year Rs.3,25,000/-) in aggregate have been paid for P.F. dues against P.F. Bakijai case no.09/10-11/PF

iii) Rs. 6,83,216/- ( previous year Rs. 8,00,245/-) net of earlier payment of Rs.25000/-in 2012-13 , has been accounted for as interest on delayed deposits of P.F. dues for the period from 28.05.2002 to 27.01.2003 vide letter no PF/L/2011/C-5/7260-61 dated 21.05.2011 of Additonal P.F. Commissioner, Guwahati.

13. Necessary steps have been taken to regularise payment of certain statutory non-compliance in regard to Profident Fund dues , Excise Duty,Cess on land revenue etc. Interest and Levies due on due to such delay shall be accounted for as and when ascertained.

The Company has however regularly depositing Tax Deducted at Source and Profident Fund contributions for the year with the concerned authorities.

14. In absence of taxable income , no provision for current Income tax and for Assam Agricultural Tax has been considered necessary in the accounts as per the relevant tax laws.

15. Income Tax assessment for various years are pending at different stages before Appellate Authorities/ Trubunal . Pending Final decision in this regard , the amount payble or receivable is presently not ascertained . In the opinion of management, provision made in the books is sufficient to cover the Income tax liabilities. Adjustments if any, will be carried out after final disposal of the relevant proceedings.

16. Investment in Unquoted shares held as Stock-in -trade on conversion in the earlier years were taken at book cost and investment of 40,000 equity shares of Rajhans Vincom Pvt Ltd has converted into stock-in-trade are yet to be transferrered in the name of the Company.

17. The company has finished stock of tea ,shares as stck in trade and stores as at year end . There in no stock of green leaf as on that date The company has consistently followed valuation of finished goods at net realisable value. Pursuant to the Accounting Standard (AS 2) - on inventory valuation, issued by the Institute of Chartered Accountants of India and made mandatory w.e.f. 01.04.1999, inventories are to be valued at cost or net realisable value whichever is lower. Considering the nature of business the management has continued the practice of valuation at net realisable value and in the preceding year except the shares and stores are valued and taken at book cost.

18. No provision for diminution in value of share held as Stock-in trade, if any, has been accounted for in the accounts and the same is considered to be of temporary in nature.

19. Shares held as Stock-in-trade could not be made available to Auditors for their verification.

20. The company has not identified slow/non moving and obsolute stores during the year.

21. Trade receivables include Debtors amouting Rs 2,00,069/-(previous year Rs.1,21,393-) are overdue for recovery. In view of the pursuasiv steps being taken for recovery, these balances have been considered goods and fully recoverable.

22. Subsidy on plantations amounting Rs.1589891/- received during the year has been adjusted from expenditures incurred on Old Cultivation account

23. NOTE:

I. All assets except motor vehicles have been revalued on 30.09.94 by an approved valuer and increase in value of these assets aggregating to Rs.6,57,50,953/- (net) on account of the same has been transferred to Revaluation Reserve Account.

II. Machinery includes Rs.28,85,622/- (Previous Year Rs.28,85,622/-) acquired on Hire Purchase Scheme under Tea Board Finance Scheme against which Rs.Nil/- (Previous Year Rs.12,82,211/-) is outstanding.

III. No Provision has been made for Amortisation of Leasehold Land. The Lease deed has expired and necessary application for renewal of the same is still pending before the respective authorities.

IV. Provision for Depreciation Rs.18,09,840/- ( previous year Rs. 1809840/)-in aggregate on machineries for the year 2010-11 & 2011-12 have been provided in the accounts and correspondingly Rs422604/( previous year Rs. 422604/-)-on account of revalued machinery amount for the said years has been adjusted in Revaluation Reserve account.

V.**

i) Machineries include Rs. 651500/- (Previous year Rs.496500/-) which are secured by hypothecation to a finance company against which the outstandings as on 31.03.2014 are Rs.254007/- (Previous year Rs. 363198/-)

ii) Motor vehicles include Rs.16,98,984/- (Previous year Rs.1698984/-) which are secured by hypothecation to a bank against which the outsatandings as on 31.03.2014 are Rs.967269

iii) Tractor Rs.5,44,292/- (Previous year Rs.544292/-) represents secured by hypothecation to a finance company against which outstanding as on 31.03.2014 is Rs.358088/-

VI. Title deeds of the lease hold land of the Company ''s Tea Estate " Arcuttipore Tea Estate " are yet to be received by the said Central Bank of India , Kolkata through the intermeditary Messers ASREC ( India ) Limited, Kolkata.

24. Information given in accordance with the requirements of Accounting Standard - 17 on Segment reporting issued by the Institute of Chartered Accountants of India: - The Company has one primary business Segment having two divisions: -

i. Tea Division

ii. Trading Division including insurance service

The Tea Division of the Company is engaged in the business of cultivation manufacturing,Sale of Tea & Green leaf. The Company''s Trading Division is engaged in purchase & sale of shares and service charges on insurance business.

25. Confirmations for Credit and Debit balances including Secured Loan and Unsecured Loans, Sundry Debtors, Sundry Creditors, Advances received from customers loans and advances are to be obtained. Necessary consequential adjustments will be made as and when ascertained.

26. Unprovided estimated gratuity liability Rs. 4,12,128.13/- (previous year Rs.6,28,517/-) for the year and the total unprovided gratuity as on 31.03.2014 as extimated by the Management amounts to Rs.11679381.63 (previous year Rs.10650382/-) including in respect of employees retired till 31.03.2014. However, the company has paid gratuity of Rs.362332/- (previous year Rs.461800/-) to its employees during the year and charged to this statement of Profit and Loss. Moreover, the company has paid amount Rs.534600/- (previous year Rs 318500/-) to the retired employees on account against their gratuity dues and the same are shown as advances at the year -end.

27. Contingent Liabilies not provided in respect of :-

2013-2014 2012-2013 (Figures in Rs.) (Figures in Rs.)

i) Enhanced tax payable under Assam Land revenue Re-Assessment (Amendment) act, 1990 Pending in 4,28,379/- 4,28,379/- appeal

ii) Excise duty demanded against which petition has been field 3,92,841/- 3,92,841/- before cout and decision is pending

iii) Income Tax demands pending - 3,11,90,000/- in Tribunal appeals for Rs. 240.97 Lacs

28. In Tea Industry, value of Green Leaf Produced in Company''s Own estate is not ascertainable Since Production involves an integrated process of growing and cultivation. **** Excluding Complementary Kgs of tea 2307/- - to staff (Previous year 1668kgs ) and Tea waste Nil kgs ( previous year 3822 kgs )

29. Previous year''s figures have been re-grouped/re-arranged wherever considered necessary.


Mar 31, 2013

1) Related Party disclosure as identified by the management in accordance with the Accounting Standard - 18 issued by the Institute of Chartered Accountants of India are given as below:-

A) List of Related Parties

i) Parties where control exists - none ii) Associated Concern: -

a) Deeleep (India) Grains Private Limited

b) Cholan Construction & Investment Pvt Ltd

c) Anadi Trading & Investment Private Ltd

d) Pusha Steels Limited

e) Shakalya Trading & Investment Pvt Ltd 0 Fastrack Realestate Consultant Pvt Ltd g) Almet Pharmaceuticals Ltd

h) Devesh Financial Services Pvt Ltd i) Devesh Trade Credit Pvt.Ltd. iii) Key Management personnels and Relatives

a) Mr. H.K.Bajoria (Managing Director)

b) Mr. Shalakya Bajoria (Director, Relative of Managing Director)

c) Mr.Naresh Shah (Director,)

d) Mr.Chandi Prasad Poddar (Director,) d) Harsh Kumar Bajoria (HUF)

iv) Enterprises over which key management personnels and relatives have significant influence. a) Star Textiles & Industries Ltd.

B) Transactions with related parties :

2) Confirmations for Credit and Debit balances including Secured Loan and Unsecured Loans, Sundry Debtors, Sundry Creditors, Advances received from customers loans and advances are to be obtained. Necessary consequential adjustments will be made as and when ascertained.

3) Unprovided estimated gratuity liability Rs. 628517/- (previous year Rs.9,78,806/-) for the year and the total unprovided gratuity as on 31.03.2013 as estimated by the Management amounts to Rs. 10650382/- (previous year Rs.93,71,660/-) including in respect of employees retired till 31.03.2013. However, the company has paid gratuity of Rs.46l 800/- (previous year Rs. 12,45,969) to its employees during the year and charged to this statement of Profit and Loss. Moreover, the company has paid amount Rs.318500/- (previous year Rs Nil) to the retired employees on account against their gratuity dues and the same are shown as advances at the year -end.

4) Contingent Liabilies not provided in respect of :-

2012-2013 2011-2012 (Figures in Rs.) (Figures in Rs.)

i) Enhanced tax payable under Assam Land revenue Re-Assessment (Amendment) act, 1990 4,28,379/- 4,28,379/-

Pending in appeal

ii) Excise duty demanded against which petition has been filed 3,92,841/- 3,92,841/- before court and decision is pending

iii) Income Tax demands pending 3,11,90,000/- 2,40,97,433/- in appeals for Rs. 240.97 Lacs

4.1) In Tea Industry, value of Green Leaf Produced in Company''s Own estate is not ascertainable Since Production involves an integrated process of growing and cultivation.

-Excluding Complementary Kgs of tea 1668/- - to staff (Previous year Rs. 71180/-) and Tea waste 3822 legs (previous year nil)

5) Previous year''s figures have been re-grouped/re-arranged wherever considered necessary.


Mar 31, 2012

1.1 70000 ( Previous year 70000 ) shares out of issued , subscribed and paid up share capital were issued and allotted as fully paid up Bonus shares by capitalisation of Reserves.

1.2 The reconciliation of the number of shares outstanding is set ou below :

2.1 Loan taken from Tea Board are secured by hypothecation of Machinery purchased under Hire purchase scheme and guaranted by Directors and its repayment are delayed by more than 7 years.

2.2 Secured Loan includes Rs.1520820/- as Interest Accrued and due thereon.

2.3 Unsecured Loan taken from a Body Corporate is interest free and is repayble within 5 years.

3.1 As there is uncertainty that sufficient future taxable income will be available , deferred tax assets have not been recognised and reviewed during the year . However , the components of deferred assets and lianilities as on 31stMarch ,2012 are as above.

4.1(a) In respect of Secured loans taken Rs. 4,44,60,660/- payble as on 31.03.2011 by way of cash credit , special term loan & loan from NABARD through / from Central Bank of India , Kolkata by the company and the said loan amount as claimed for Rs. 4,79,16,356/- ( previous year Rs. 4,79,16,356/- ) as on 14.11.2005 under notice u/s 13 (2) of the Securitization & Reconstruction of Financial Assets and Enforcement od Security Interest Act 2002 on this account from the company by the said bank , it is mentioned that the company has made full and final settlement of the said dues RS. 4,44,60,660 with the banker's appointed intermeditary Messers ASREC ( India ) Limited, Kolkata vide their letter no ASREC/KOL/2011-12/304 dated 14.09.2011 for Rs. 1,58,00,0000/- and has paid the the settled amount during the year.

5.1(b) The difference amount Rs.28714096/- between the secured loan dues to the said bank after adjusting debit balances amounting Rs. 92,474/- lying in the current accounts of the company with the said bank and the settled amount, has been appropriated as Income under the head " Surplus on Settlement of Secured Loan " in the Statement of Profit and Loss.

5.1 (c) The Charges created by way of hyothecation and equitable mortgage of leased hold properties of the company 's assets have been satisfied with the Registrar of Companies West Bengal and the Corporate as well as personal gurantees of the directors of the company have been vacated.

5.1(d) Title deeds of the lease hold land of the Company 's Tea Estate " Arcuttipore Tea Estate " are yet to be delivered by the said bank Central Bank of India, Kolkata.

5.2 Other Loans includes interest bearing loans taken during the year and the same are repayble on demand.

6.1 Details of amounts outstanding to Micro, Small and Medium Enterprise are not readiable avalable with the company

7.1 Other payables include statutory dues, P.F. dues, temporary bank book overdraft and unclaimed dividend.

7.2 The Company has defaulted in payment of P.F. dues with appropriate Authorities. The aggregate amount of default/outstanding as on 31.03.2012 as per the records of the Company is Rs.5794426/- (previous year Rs.6398106/-) which includes Rs.68938/- (previous year Rs.72621/-) for the year since paid, pertaining to both Employers and Employees contribution and net of P.F. collection and P.F. Advance. In respect of old P.F. dues, the Company has paid following amounts during the year:

i) Rs.400000/- (previous year Rs.325000/-) in aggregate have been paid for P.F. dues against P.F. Bakijai case no.02/07-08/PF

ii) Rs.200000/- (previous year Rs.546536/-) in aggregate have been paid for P.F. dues against P.F. Bakijai case no.09/09-10/PF

iii) Rs.25000/- has been paid for interest on delayed deposit on P.F. dues for the period from 28.05.2002 to 27.01.2003 against interest demand of Rs.825245/- on the said account vide letter no.PF/L/2011/C-5/7260-61 dated 21.05.2011 of Additonal P.F. Commissioner, Guwahati. No provision for the balance demand of Rs.800245/- has been made in the accounts.

7.3 Necessary steps are being taken to regularise payment of certain statutory non-compliance in regard to Profident Fund, Excise Duty, Cess on land revenue etc. Interest and Levies due on due to such delay shall be accounted for as and when ascertained. The Company has however regularly deposit Tax Deducted at Source and Profident Fund contributions for the year with the concerned authorities.

8.1 In absence of taxable income , no provision for current Income tax and for Assam Agricultural Tax has been considered necessary in the accounts as per the relevant tax laws.

8.2 Income Tax assessment for various years are pending at different stages before Appellate Authorities . Pending Final decision in this regard , the amount payble or receivable is presently not ascertained . In the opinion of management, provision made in the books is sufficient to cover the Income tax liabilities / adjustments , if any will be carried out after final disposal of the relevant proceedings.

NOTE:

9.1. All assets except motor vehicles have been revalued on 30.09.94 by an approved valuer and increase in value of these assets aggregating to Rs.6,57,50,953/- (net) on account of the same has been transferred to Revaluation Reserve Account.

9.2. Machinery includes Rs.28,85,622/- (Previous Year Rs.28,85,622/-) acquired on Hire Purchase Scheme under Tea Board Finance Scheme against which Rs.12,82,211/- (Previous Year Rs. 12,82,211/-) is outstanding.

9.3. No Provision has been made for Amortisation of Leasehold Land. The Lease deed has expired and necessary application for renewal of the same is still pending before th< respective authorities.

9.4. Machinery includes Rs.29,39,834/-(Previous year Rs.29,39,834/-) acquired under Hire Purchase Agreements against the vehicles . There is no outstanding at the year end.

9.5. Depreciation Rs. 9,04,920/- for the year (Previous year Rs.9,04,920/-) and as at 31st March 2012 Rs. 18,09,840/- (Previous Year Rs.9,04,920/-) on Machinery has not been provided for in the accounts and corresponding Rs.2,ll,304/-on account of revalued machinery amount for the year (previous year Rs.2,11,204/-) and as at 31st March, 2012 Rs.4,22,604/- (Previous year Rs.2,11,304/-) has not been adjusted in Revaluation Reserve account.

9.6 Capital Work-in-progress Rs.5,43,452/- (previous year Rs.5,43,452/-) which had been incurred for earlier years, have been charged and debited to the Statement of Profit and Loss.

10.1 Loan given to a company is without bearing interest and is repayable on demand.

10.2 Other loans and advances include other receivables Rs.NIL (previous year Rs.16360395/-) given to various companies for development of a Tea Garden and in respect of certain expenses incurred on their behalf, including supervision charges and debited to them. Receivables Rs.16360395/- (prevous year Rs.16360395/-) given to the bodies corporate in this connection have been written off and debited to this statement of Profit & Loss.

10.3 Other loans and advances include balance amount Rs.NIL (previous year Rs.983800/-) as on 31.03.2011, given against construction of property. Adjustments with respect to the above are carried out and the said amount has been written off in this statement of Profit & Loss.

10.4 Other loans and advances include Rs.NIL (previous year Rs.2454389/-) which were receivables from the several parties in respect of tax deducted at source and the same were doubtful of recovery due to non-receipt of necessary TDS Certificates by the company. Consequently, the said amount Rs.2454389/- have been written off and debited to this statement of Profit & Loss.

11.1 Investment in Unquoted shares held as Stock-in -trade on conversion in the earlier years were taken at book cost and investment of 40000 equity shares of Rajhans Vincom Pvt Ltd has converted into stock-in-trade are yet to be transferrered in the name of the Company.

11.2 The company has no finished stock of tea and green leaf at the year end and has shares as stock-in-trade on that date.

The company has consistently followed valuation of finished goods at net realisable value. Pursuant to the Accounting Standard (AS 2) - on inventory valuation, issued by the Institute of Chartered Accountants of India and made mandatory w.e.f. 01.04.1999, inventories are to be valued at cost or net realisable value whichever is lower. Considering the nature of business the management has contrinued the practice of valuation at net realisable value and in the preceding year except the shares are valued and taken at book cost.

11.3 No provision for deminution in value of share held as Stock-in trade, if any, has been accounted for in the accounts and the same is considered to be of temporary in nature.

11.4 Shares held as Stock-in-trade could not be made available to Auditors for their verification.

11.5 The company has not identified slow/non moving and obsolute stores during the year.

11.6 Trade receivables include Debtors amouting Rs.188030/- (previous year Rs.1222130/- are overdue for recovery. In view of the pursuasiv steps being taken for recovery, these balances have been considered goods and fully recoverable.

12) Information given in accordance with the requirements of Accounting Standard -17 on Segment reporting issued by the Institute of Chartered Accountants of India: - The Company has one primary business Segment having two divisions: -

i. Tea Division

ii. Trading Division including insurance service

The Tea Division of the Company is engaged in the business of cultivation manufacturing,Sale of Tea & Green leaf. The Company's Trading Division is engaged in purchase & sale of flats and service charges on insurance business.

8) Related Party disclosure as identified by the management in accordance with the Accounting Standard - 18 issued by the Institute of Chartered Accountants of India are given as below:- A) List of Related Parties

i) Parties where control exists - none

ii) Associated Concern: -

a) Deeleep (India) Grains Private Limited

b) Cholan Construction & Investment Pvt Ltd

c) Durgesh Trade Credits Private Limited

d) Anadi Trading & Investment Private Ltd

e) Pusha Steels Limited

f) Shakalya Trading & Investment Pvt Ltd

g) Leader Construction Private Limited

h) Mitubushi Trading Private Limited

i) Fast Track Real Estate Consultant Pvt Ltd

j) Sree Satyananda Textiles & Enterprises Pvt Ltd k) Acme Enterprises Private Limited l) Devesh Financial Services Pvt Ltd

iii) Key management personnels and Relatives

a) Mr. H.K.Bajoria (Managing Director)

b) Mr. Shalakya Bajoria (Director, Relative of Managing Director)

c) Mr. Monoranjan Pal (Director, resigned during the year)

iv) Enterprises Over Which key management personnels and relatives have significant influence. a) Star Textiles & Industries Ltd.

9) Confirmations for Credit and Debit balances including Secured Loan and Unsecured Loans, Sundry Debtors, Sundry Creditors, Advances received from customers loans and advances are to be obtained. Necessary consequential adjustments will be made as and when ascertained.

10) Unprovided estimated gratuity liability Rs.9,78,806/- for the year and the total unprovided gratuity as on 31.03.2012 as estimated by the Management amounts to Rs.93,71,660/- (previous year Rs.94,49,597/-) including in respect of employees retired till 31.12.2011. However, the company has paid gratuity of Rs.12,45,969/- (previous year Rs.2,77,860/-) to its employees during the year and charged to this statement of Profit and Loss. Moreover, the company has paid amount Rs.NIL (previous year Rs.7,20,559/-) to the retired employees on account against their gratuity dues.

11) Contingent Liabilies not provided in respect of :-

2011-2012 2010-2011 Rs. Rs.

i) Enhanced tax payable under Assam Land revenue Re-Assessment (Amendment) act, 428,379 428,379

Pending in appeal

ii) Excise duty demanded against

which petition has been field 3,92,841/- 3,92,841/-

before cout and decision is pending

iii) Income Tax demands pending 2,40,97,433/- 2,40,97,433/- in appeals

iv) A.S.E.B. Electricity surchage - 10,18,176/-

12.1) In Tea Industry, value of Green Leaf Produced in Companys Own estate is not ascertainable Since Production involves an integrated process of growing and cultivation.

* Excluding Complementary Kgs of tea Rs. 71180/- to staff( Previous year Rs.69865/- )

13) Previous year's figures have been re-grouped/re-arranged wherever considered necessary


Mar 31, 2009

1. (a) Investments in shares both quoted and unquoted shares are long term in nature, and hence provision to diminution in value of shares, if any, has not been made in the accounts.

(b) Investments could not be made available to auditors for their verification.

2. The company has no finished stock at the year end , The Company has consistently followed valuation of finished goods at net realisation value. Pursuant to the Accounting standard (AS - 2) on Inventory valuation, issued by the Institute of Chartered Accountants of India and made mandatory w.e.f 01.04.1999, inventories are to be valued at cost or net realisable value whichever is lower. Considering the nature of business, the management has continued the practice of valuation at net realisable value and in the preceding year.

3. The Company has identified slow/non moving and obsolete stores. Obsolete stores amounting RS: 103727.84 has been written off during the year in the accounts.

4. Debtors amounting to Rs. 4845267/- (Previous year Rs. 8429133/-) are overdue for recovery. In view of the persuasive and other steps being taken for the recovery, these balances have been considered good and fully recoverable.

5. Other receivable includes Rs.25605782/- (Previousyear Rs. 26805782/-) given to various companies for development of a tea garden and in respect of certain expenses incurred on their behalf including superwaon charges incurred and debited! to them. .

6. (a)Certain other loans aggregating to Rs. 502551/- (Previous year Rs. 502551/-) given to certain Companies, are repayable on demand. Interest accrued amounting Rs. 126749/- (Previous year Rs. 126749/-). shown under other current assets are overdue for recovery.

(b)Loans and advances to Body Corporate include Rs. 31,50,000/- (Previous Year 31,50,000/-). No recovery has been made though the company is taking necessary steps for its recovery .

7. Loans and advances includes:

Balance amount Rs. 983800/-as at 31.03.2009 (Previous year Rs 983800/-) given against construction of property. Necessary adjustments with respect to above will be carried out on completion of the transaction.

8. a)lncome Tax assessment for various years are pending at different stages before Appellate Authorities. Pending final decision in this regard, the amount payable or receivable is presently not ascertained. In the opinion of management provision made in the books is sufficient to cover the Income Tax liabilities/ adjustments, if any will be carried out after final disposal of the relevant proceedings.

b)Advance Income Tax includes Rs. 29,57,842/- (Previous year Rs. 29,57,842/-) in respect of tax deducted at source, which appears to be doubtful of recovery as necessary certificates have not been received by the Company and have not been deposited with Income tax authorities till date. Necessary steps are being taken ;to obtain the certificates and deposit the same.

9. a)Bank Book overdraft aggregating to Rs. 82,55,170/- (Previous year Rs.8255170/-) as shown in the financial statement are temporary in nature and accordingly the said outstanding balance classified as current liability, no security against the same were created at the year end.

*b)Secured loan by way of cash credit Rs. 215,97,751/- ( Previous year Rs. 215,97,751/-) and Rs 221,98,819/( previous year Rs. 221,98,819/- )- by.way of Special Term Loan amounts to Rs.437,96,570/- ( Previous year Rs. 43796570/-) which is overdue as on 31.03.2009. No Provision has been made for interest payable on the same for this year. However, the company has received notice u/s 13(2) of ¦-¦- The Securitization & Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002 for a claim of Rs. 479,16,356/-( Previous year Rs. 4,79,16,356/-) as on 14.11.2005.

10. Unpaid dividend amounting to Rs.5191/- (Previous Year Rs.5191/~) has been kept in dividend Account with Central Bank of India at Kolkata.

11. Un provided estimated gratuity liability as on 31.03.2009 as estimated by the management amounts to Rs.45,00,000/- (Previous year Rs. 4200000), including in respect of employees retired till 31.03.2009Rs.3067017/-. However the Company has given amount aggregating to Rs. 1247952/-( Previous Year Rs. 353757/)- to the retired employees on account against their Gratuity amount and the same have been shown in advances and the same will be charged to Revenue as and when adjusted / settled.

12. a) Necessary steps are being taken to regularise payment of certain statutory non-compliance in regard to tax deducted at source, Professional tax and Provident Fund, Excise Duty, Cess land revenue etc. Interest and levies due to such delay shall be accounted for -as and when ascertained. The Company has , however , regularly deposited tax deducted at source and Provident fund contributions for the year with the concerned authorized.

(b) The Company has defaulted in the payment of provident fund with the appropriate authority. The aggregate amount of default/ outstanding as on 31.03.2009 as per the records of the Company is Rs. 7956296.73/-( Previous year Rs.83,93,336/)- .which includes Rs. 88356.39 for the year since paid , pertaining to both employees and employees contribution and net of P.F.collection and P.P. Advance. Moreover, the Company has paid during the year Rs. 175397/- in aggregate for the period from 29.01.2008 to 31.03.2008

i) Amount in default for the period from 25.02JHW2 to 27..©1.2003 stands at Rs. 1056422/-( Previous year Rs. 1056422/-}, the Company has defaulted in payment of installment of Rs. 25000/-as granted to them vide toe Qreter of the Deputy Commissioner Cachar, Assam dated 11.12.2003. in reference to the order dated 20.08.2003 of the Chairman of Board of Trustees the Assam Tea Plantation, P.F.Scheme, has asked to make installment payment of Rs.25000/- per month and has also approved for waver of interest for delay in respect of such dues. During the year, the company has paid fourteen installments of Rs. 25000/- each , in,aggregate Rs. 350000/-, against such dues.

ii) Further balance defaulted PF amount, Secretary cum PF

Commissioner has vide its amended order dated 27.01.2005 granted to make installment payment of Rs. 65000/- per month against which the company has defaulted in payment of installment and no installments have been made.

14. Confirmations for credit and debit balances, including secured and unsecured loans, sundry debtors, sundry credits, advances received from customers, loans and advances are to be obtained. Necessary consequential adjustment will be made as and when ascertained.

15. a) In absence of taxable income no provision for current Income Tax and Assam Agricultural Tax has been considered necessary in the accounts as per the relevant tax laws.

No provision has been made with regard to Fringe Benefits tax for the year and the same has not been paid.

17. Information-given in accordance with the requirements of Accounting Standard - 17 on Segment reporting issued by the Institute of Chartered Accountants of India - The Company has two primary business Segments:

i) Tea Division

ii) Trading Division

The Tea Division of the Company is engaged in the business of cultivation manufacturing and Sale of Tea including sale of green leaf. The Companys Trading Division is engaged in purchase sale of flats.

18) Information given in accordance with the requirements of Accounting Standard -17 on Segment reporting issued by the Institute of Chartered Accountants of India: - The Company has two primary business Segments: - i. Tea Division ii. Trading Division

The Tea Division of the Company is engaged in the business of cultivation manufacturing and Sale of Tea. The Companys Trading Division is engaged in purchase sale of flats.

19) Related Party disclosure as identified by the management in accordance with the Accounting Standard - 18 issued by the

- Institute of Chartered Accountants of India are given as below.-- A) List of Related Parties

i) . Parties where control exists - none ii) Associated Concern: -

a) Devesh Financial Services Pvt Ltd

b) Deeleep (India) Grains Private Limited

c) Cholan Construction & Investment Pvt Ltd

d) Core Impex Private Limited

e) Devesh Trade Credit Private Limited

f) Durgesh Trade Credits Private Limited

g) Almet Pharmaceuticals Limited

h) Anadi Trading & Investment Private Ltd

i) Associated Marketman Consultancy Private Limited

j) Pusha Steels Limited

k) Shakalya Trading & Investment Pvt Ltd

l) Shree kunj Securities Pvt Ltd

m) Leader Construction Private Limited

iii) Key management personnels and Relatives

a) Mr. H.K.Baloria (Managing Director)

b) Mr. Shalakya Bajoria (Relative of Managing Director)

c) Mr . P.K.Bajoria ( Relative of Managing Director )

d) Mr. S.K. Bajoria (Relative of Managing Director)

iv) Enterprises Over Which key management personnels and relatives have significant influence.

a) Star Textiles & Industries Ltd.

b) Atlantica Exim Limited

20) Contingent Liabilies not provided in respect of:-

2008-2009 2007-08 Rs. Rs.

i) Enhanced tax payable under Assam Land revenue Re-Assessment (Amendment) act, 1990 4,28,379/- 4,28,379/- Pending in appeal

ii) Excise duty demanded against which petition has been field 3,92,841/- 392841/- before cout and decision is pending

iii) Income Tax demands pending 2,00,99,643/- 2,00,99,643/- in appeal

21) Previous years figures have been re-grouped/re-arranged wherever considered necessary.

 
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